2024

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Legend of the ARM Industry: Phil Rosenthal

Account Recovery

To be a legend, it takes more than longevity. In fact, the longer you spend in your chosen field, the more adaptable you have to be to changing times. The accounts receivable management industry has changed a lot over the years, but one of the constants has been Phil Rosenthal.

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Your business went to small claims court-Now what?

American Profit Recovery

Many organizations and commonly small businesses will attempt to get customers to pay on outstanding invoices through various methods. However, for a wide range of reasons, small businesses can struggle to get timely payments, which ultimately affects cash flow. One method that many small businesses have employed over the years is taking customers to small claims court.

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Financial Planning Tips for Business Owners

Enterprise Recovery

While much of your budget planning was likely done in the fourth quarter, it's never too late to set your business up for success in the new year. Financial planning is valuable at any time - whether you're evaluating your business investments or measuring why your cash flow is slow. Read further to discover essential financial planning tips for business owners to ensure long-term success and growth.

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CFPB Bans Excessive Credit Card Late Fees, Lowers Typical Fee from $32 to $8

Consumer Finance

The Consumer Financial Protection Bureau (CFPB) ) finalized a rule today to cut excessive credit card late fees by closing a loophole exploited by large card issuers.

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From Complexity to Clarity: Strategies for Effective Compliance and Security Measures

Speaker: Erika R. Bales, Esq.

When we talk about “compliance and security," most companies want to ensure that steps are being taken to protect what they value most – people, data, real or personal property, intellectual property, digital assets, or any other number of other things - and it’s more important than ever that safeguards are in place. Let’s step back and focus on the idea that no matter how complicated the compliance and security regime, it should be able to be distilled down to a checklist.

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A Bright Future for Baby Bonds

Prosperity Now

In January 2022, Prosperity Now and the Institute on Race, Power and Political Economy at the New School collaborated on the first paper to outline the essential elements of state and local level Baby Bonds policies. Since then, Baby Bonds have launched in Connecticut and become a hot policy topic from the halls of legislatures to the offices of state treasurers across the US.

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Building Successful Collections Teams: Strategies for Recruitment and Growth

Qualco

By George Fertakis , Senior Business Consultant at QUALCO. In our recent study on the collections sector conducted in partnership with Deloitte France, difficulty in finding the right staff emerged as a key challenge for respondents, both among those managing Banks’ collections departments and those overseeing servicing operations. This seems to be a recurring theme.

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Unexpected medical costs can lead to a need for bankruptcy

Roths Child Law

Some people think of their health insurance as an assurance that they won’t ever have to face exorbitant medical care expenses. Unfortunately, catastrophic health conditions can quickly result in thousands of dollars in medical expenses, even for those who have insurance. People who are facing healthcare costs that are so high they can’t conceivably pay their bills may realize they have to do something before they drown in debt.

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Virginia Governor Vetoes Bill that Would Have Expanded Class Actions

Troutman Sanders

On March 14, Virginia Governor Glenn Youngkin vetoed House Bill (HB) 418 that would have created a vehicle for class actions in Virginia state courts and would have broadened statutory damages under the Virginia Consumer Protection Act (VCPA). The bill could still become law if two thirds of both chambers vote to override Youngkin’s veto, but the bill originally passed the House with only 51 “Yes” votes to 49 “No,” and passed the Senate 21 to 18.

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Navigating Earnest Money Binder Disputes in Failed Deals

Jimerson Firm

Purchasing a home is one of the most important—and stressful—purchases a consumer makes. Oftentimes, the process is long, tedious, and nerve-racking. For first-time homebuyers, there are a lot of unknowns, and for sellers, there is much to consider to protect oneself and get the best money for your investment. Unfortunately, many times, sales fall through for a number of reasons, and what occurs thereafter is often not something that is contemplated before the process begins.

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When It Comes to Collections Software, “Good Enough” Isn’t Good Enough

Are you finding some snags in your collections process? With delinquencies, and the number of consumers looking for payment assistance on the rise, it may be time to consider an efficient cloud-based software to support your team. Learn how MeridianLink® Collect has helped financial institutions like yours streamline collections processes.

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How to Plan for Your Best Tax Refund Debt Collection Season

PDC Flow

For many consumers, a tax return is the perfect opportunity to take control of outstanding debts. That’s why tax refund season is one of the busiest times of the year for debt collection agencies. Does your agency take advantage of tax refund season to boost revenue and close more accounts? Lots of companies might want to establish a tax time collection campaign but don’t know how to prepare.

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DFPI Fines Fintech Company $2.5M For Faulty Complaint Handling

Account Recovery

The California Department of Financial Protection & Innovation has fined a fintech company $2.5 million for not responding to consumer complaints in a timely manner that constitutes a violation of California’s Consumer Financial Protection Law, the DFPI said.

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Debt collections-your mission critical part of business cash flow

American Profit Recovery

A healthy debt collection process helps businesses of all sizes maintain positive cash flow which is critical for many reasons. Cash flow is the backbone of any size business and positive cash flow keeps a business healthy and strong. It allows for consistent operations, a healthy bottom line, meeting the needs of your workforce and the confidence to know that you have the resources to grow if needed.

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Avoid Common Tax & Accounting Mistakes For Your B2B Business

Enterprise Recovery

Complex tax questions can be especially confusing for small businesses, freelancers, or startup companies. It's important that your business's financial records are maintained with integrity and organization. If you're a one-person department or temporarily taking on the accounting role, it's natural to have some questions and uncertainties. Avoid common accounting mistakes and ensure a smooth tax season with these best practices.

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10 Ways to Improve Payment Collections with Salesforce

For finance teams using Salesforce’s powerful CRM technology, automation can transform accounts receivable processes, driving efficiency and delivering measurable results like cost savings, reduced customer churn, and lower DSO.

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CFPB Issues Guidance to Rein in Rigged Comparison-Shopping Results for Credit Cards and Other Financial Products

Consumer Finance

The CFPB explained how companies operating comparison-shopping tools can break the law when they steer consumers to certain products or lenders because of kickbacks.

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Financial Empowerment for the Underserved: An Interview with Adrian Gomez of United Way of Pueblo County, Bank On Pueblo County?

Prosperity Now

Bank On Pueblo County, a component of United Way of Pueblo County located in Pueblo, Colorado, is a coalition working to increase financial wellness efforts in the community. We interviewed Program Coordinator, Adrian Gomez, to learn more about the organization (a Prosperity Now Community Champion!), their Bank On Program, advocacy efforts and goals for 2024.

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Number of Restaurants closing hits new high in the UK

UK debt collections

The number of restaurants closing across Britain hit a new quarterly high at the end of 2023, with more than 500 closing. There were 514 restaurants closing permanently across England, Scotland and Wales in the final quarter of last year, compared to 481 in Q2 2023, according to data obtained under the Freedom of Information Act by accountancy firm Price Bailey.

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The Ethical Collection Of Business Debts

Collections Law

In an economy where cash flow is a critical lifeline for any business, companies can find themselves at a crossroads if their customers or clients fail to satisfy their debts and follow through on their payment obligations. At Law Offices of Alan M. Cohen & Associates LLC, our commercial collections attorneys have over five decades of commercial collections experience.

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Connect, Care, Convert: Secrets to Establishing Trust with Niche Markets and Turning Them Into Clients

Speaker: Lynnette Khalfani-Cox, The Money Coach®

Niche markets represent a huge opportunity for the financial services industry in America. From college students and women to communities of color and low-to-moderate-income households, niche populations have specialized financial needs – but they often underutilize many valuable financial products and services. How can you better connect with these consumers?

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New Law Protects Consumers Who Use Subscription Auto-Renewals

FFGN COLLECT NY

As millions of people stayed home during the pandemic, they turned to digital entertainment services, meal delivery services, clothing subscriptions, and online diet and exercise programs. This gave businesses the incentive to shift to a digital subscription model. At the same time, many businesses adopted deceptive subscription marketing policies that make services easy to sign up for but difficult to cancel.

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January Consumer Litigation Filings: Everything Way Up

Troutman Sanders

According to a recent report by WebRecon, court filings under the Fair Credit Reporting Act (FCRA), Fair Debt Collection Practices Act (FDCPA), Telephone Consumer Protection Act (TCPA), and complaints filed with the Consumer Financial Protection Bureau (CFPB) were up double digits percentages from December 2023. The biggest jump was in TCPA filings, which increased by 78.6%!

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How Consumer Credit Trends Impact Debt Collection in 2024

True Accord

Today’s current economic climate is already influencing consumer spending and credit in 2024, and is becoming a hot topic for businesses seeking to engage past-due customers. Economic Growth in 2023, But Slowdown Expected in 2024 Last year proved that the US consumer has been very resilient to the rumblings of a potential recession and continued to spend with surprising growth all the way through the end of 2023.

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A Strategic Approach to Debt Settlement Campaigns for Tax Season

PDC Flow

Debt settlement campaigns are initiatives where debt collection agencies offer a discount to consumers to boost collection on old or unresponsive accounts. Tax season is the best time to consider a debt settlement campaign within your debt collection agency. A debt settlement campaign can help your agency: liquidate inventory more quickly increase revenue for you and your clients increase the energy and morale on your collection floor At the same time, your consumer gets a deal, reduces their de

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Successful Change Management with Enterprise Risk Management

Speaker: William Hord, Vice President of ERM Services

A well-defined change management process is critical to minimizing the impact that change has on your organization. Leveraging the data that your ERM program already contains is an effective way to help create and manage the overall change management process within your organization. Your ERM program generally assesses and maintains detailed information related to strategy, operations, and the remediation plans needed to mitigate the impact on the organization.

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Bills Introduced in House, Senate to Lower Workweek to 32 Hours

Account Recovery

A bill has been introduced in both chambers of Congress that would mandate a 32-hour workweek — with no corresponding loss in pay — for full-time workers in the United States, as a means of allowing employees to share in productivity gains that technology has created over the past several decades.

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Time is Money-the true cost of in-house collections

American Profit Recovery

If your organization is burdened with negative cash flow, your ability to keep customers current in their financial obligations becomes mission critical. Approaches to achieving that and getting customers to pay you regularly differ. Many organizations still rely on in-house debt collection teams as part of their accounts receivable program. While in theory, this may have moderate benefits, relying on internal resources for all your collection activity may ultimately be a negative.

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A Guide to Choosing the Right A/R Outsourcing Partner

Enterprise Recovery

When selecting an outsourcing partner for your accounts receivable needs, it is essential to explore a variety of key factors to ensure a successful partnership. Understanding your business needs is only the first step in this process. By clearly identifying your goals, objectives, and the level of support required, you can better evaluate potential partners that align with your specific requirements.

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CFPB Proposes Rule to Stop New Junk Fees on Bank Accounts

Consumer Finance

The Consumer Financial Protection Bureau proposed to block financial institutions from one potential source of new junk fee revenue – fees on instantaneously declined transactions.

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How Preparation and Strategy Can Be Used to Fight and Defeat Any Ransomware Attack

Speaker: Karl Camilleri, Cloud Services Product Manager at phoenixNAP

Did you know that 2021 was a record-breaking year for ransomware? The days of a “once in a while” attack against businesses and organizations are over. Cyberthreats have become a serious issue. With 495.1 million attacks, the threat marked a 148% increase compared to 2020 and was the most expensive year on record! As a result, data protection needs to be a concern for most banks, businesses, and information technology specialists.